Charter school official accused of embezzlement

ALBANY -- The former chief financial officer of a foundation that funds charter schools in Albany, N.Y. has been charged with embezzling $202,837 from the organization.

The Times Union reports that Wednesday's arrest of Ronald Racela marks the second time in four years that he has been charged with grand larceny. Two years ago, Racela admitted stealing $53,931 from KeyBank, where he was a manager. He was given probation in that case.

The executive director of the charter school group, Brighter Choice Foundation, said officials were not aware of Racela's criminal history when he was hired in June 2010.

Racela was charged with felony counts of falsifying business records and grand larceny. He was released on $25,000 bail.